Gold returns to the range, the breakout was false. Price after another retest of the wedge resistance rolls back to the 1980 level and consolidates above it - indicating bullish interest
TA on the high timeframe: All stable. Price is forming a consolidation and an upward triangle in intent to break through 1990-2000 resistance. Clearly - the bulls are in control of the market.
TA on the low timeframe: 1) False breakdown of wedge support sends the price up - gold is not ready to fall, as the chart tells us 2) Another retest within one day is forming - a strong signal to break the resistance line. 3) The gold is preparing for growth - we have a strong consolidation in the range of 1985 - 1950. 4) Breakthrough of the wedge resistance will send the price to 2010
Support levels where you can buy: 1985 & 1975 Resistance levels (buyable upon breakout) 1990 At this point it is worth paying attention to a breakout or rebound strategy. The first will work on a breakout of the black downtrend line. The second would work on a rebound from these support levels